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Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,777 since Nov 2014
Thanks Given: 3,564
Thanks Received: 3,161
Perrrrfect!
My Signals favoured shorts this AM. Missed the first hour of trading due to sleep (again). I was surprised with a strong gap UP opening. Still had conviction and initiated my short during a nice retest bounce. Held till the end. Didn't even bother to check the market once in between.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,777 since Nov 2014
Thanks Given: 3,564
Thanks Received: 3,161
"Market doesn't make sense". That, sort of makes sense.
I had a long signal after the very unexpected gap up opening after a 'not very bad inflation' reports. Presumably on the expectation that Fed may be less aggressive.
I was hesitant to take my long but I did it, albeit with 1/4 size.
Minimal pain is the norm when you take the 'least likely win' trades.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,777 since Nov 2014
Thanks Given: 3,564
Thanks Received: 3,161
"My bearish bias didn't cost me anything this time"
ES moved up more than 12% from July 1 to August 10 2022. i.e 3700 to 4200.
I have to admit that I didn't expect the market to bounce this far. My previous avatar would have kept shorting (or worse - Short and hold).
However, with my new process and system, I executed all the signals. (Though I missed the opening hour sometimes and reduced the size, my directional bias never faltered).
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,777 since Nov 2014
Thanks Given: 3,564
Thanks Received: 3,161
Signals have been weak lately. ATR and volatility have been contracting, presumably setting up for the next big leg (up or down). To top it off, it's summer. Ideal time to take it easy. But...
I tried to squeeze trades last week (with small success). It didn't work out yesterday. Decided to stay out today. I have decided to stay on the sidelines for this week and possibly next week. Then, I will be traveling back to Asia and start full time trading for 6 months
My bearish signal worked today. However, instead of going all in/out, I tried to scale into vwap bounce. My expection of a new low after the initial bearish move didn't happen but happy with the execution.
P.S. ATR is less than 80% of the 5 day average (despite higher relative volume). For my scale out target in the future, 70% ATR seems reasonable.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,777 since Nov 2014
Thanks Given: 3,564
Thanks Received: 3,161
Started this week with a bang but next 2 days were dud. Gave the gains back and flat for the week.
I'm NOT yet into the rythm of full-time trading. Though I'm back to Asia and currently not working, fairly busy with my new house construction project. Hence staying late has been tricky. (Waking up early was tricky when I was in Canada for the last 2 months)
All in and all out seems to be best strategy for my personality. Will give scaling 1 more try till the end of 2022.